A business can generate goodwill through its philanthropic efforts, and such efforts can be good for business. For instance, the IRS has made clear that foundation expenditures that raise awareness of charitable causes can incidentally enhance the general reputation or prestige of its sponsoring company and this would not be an act of self-dealing. A foundation’s program that generates business or results in an economic benefit for the company, however, regardless of charitable intent, will likely violate the self-dealing rules.
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The Pension Protection Act of 2006 includes the first comprehensive regulation of donor advised funds. These requirements generally took effect at the beginning of the tax year following enactment of the Act, for charities that hold assets in such funds. However, a provision barring the payment from donor advised funds of grants, compensation and similar payments to donors, advisors, and persons related to them took effect immediately on August 17, 2006. Understanding the definition of what is a donor advised fund also is important to the implementation of the Act’s charitable IRA rollover provision because rollovers are not permitted into donor advised funds.
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Definition of all types of supporting organizations and requirements for each under PPA.
Frequently asked questions about prohibited grants from donor advised funds following the Pension Protection Act of 2006.
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Frequently asked questions about deductibility requirements for gifts to donor advised funds.